It is not uncommon to find first time home buyers searching through the housing market in a quest to find the most suitable and affordable home they can get. It has been shown time and time again that first time buyers stand to obtain a better deal if they patiently explore the housing market.
Before the first time buyer would go all out in search of a home, he or she should have adequately assessed his or her present financial status; and arrived at the decision that purchasing a home will not unnecessarily hinder on the quality of life he or she expects to live. This point is very important and needs to be adhered to by all first time home buyers. We are all different people with different financial conditions.
Before you can get a loan on a home, you have to go through a process called loan origination.
Loan origination actually refers to several steps—the first being the submission of your information to the lender, the second being the review of that information, the third being the possible approval of the loan (or the decline, which may or may not include a request for clarification or new conditions to be met).